On September 22, HJ Shipbuilding & Construction announced that it had signed a contract with an Oceanian shipowner to build four container ships. The contract is valued at 679 billion KRW (approximately $490 million based on the exchange rate on the signing date), placing the cost per vessel at 169.75 billion KRW. This order represents 33.95% of the company’s most recent annual revenue of 2 trillion KRW.
The vessels will be constructed at the Yeongdo Shipyard in Busan, with delivery scheduled by April 30, 2029.
Neither the identity of the shipowner nor the specific vessel specifications were disclosed at the time of signing. Market reports suggest the shipowner is Navios, a company with which HJ Shipbuilding & Construction has collaborated previously. Based on the contract value, the vessels are estimated to be in the 10,100 TEU class.
HJ Shipbuilding & Construction stated that the contract payments include a deposit and advance payments, with the remaining balance to be paid according to construction progress; the payment amounts will vary based on the stage of construction.
With the addition of these latest orders, HJ Shipbuilding & Construction has announced orders for eight container ships this year. In early February, the company signed a contract with a European shipowner for two 11,000 TEU container ships, with options for two additional vessels; these options were exercised in April.
In recent years, Navios has stepped up its newbuilding activities. According to its latest financial report, the company plans to build 29 vessels with a total investment of approximately $2.5 billion, representing $1.8 billion in contracted revenue. This plan includes seven container ships scheduled for delivery by 2028.
Navios currently operates a fleet of 176 vessels—comprising 66 bulk carriers, 60 tankers, and 50 container ships—with an average age of 8.7 years and a total value exceeding $10 billion.